New Enterprise Associates has raised two venture funds totaling $3.15 billion in new capital. The firm, better known as NEA, has picked up just under $17 billion to date.
The new raise is similar in size to its most recent funds, but contains a separate vehicle: a $350 million fund, designed to grant NEA the ability to make later-stage investments without reducing the capital pool of its new, core $2.8 billion cash pool.
Call it a sign of the times twice over: As companies delay going public, the best firms are taking on increasingly large, late-stage capital rounds. NEA, presuming that it wants to maintain its percentage stake among its best investments (the firms that are delaying their IPOs) can use the smaller fund to avoid spending from its main account at those later valuations and check sizes.
If it did use general capital for those deals, the firm might reduce its ability to…
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